Clover Health Corp, ContextLogic Inc., AMC Entertainment Holdings Inc. and Tesla Motors are among the stocksseeing the highest intereston Reddit’s r/WallStreetBets forum as of Monday night.
What Happened: Exchange-traded fund S&P SPDR 500 ETF Trust
S&P500 ETF is the most discussed stock on the forum with 903 mentions, while Medicare Advantage provider Clover Health was a distant second with 209 mentions, data from Quiver Quantitative showed.
The Wish e-commerce platform operator ContextLogic and movie theatre chain AMC Entertainment are in the third and fourth positions, having attracted 200 and 188 mentions respectively.
Apart from Tesla, the other stocks that are trending on the forum include videogame retailer GameStop Corp., tech giant Apple, software company Palantir Technologies Inc., residential mortgage company UWM Holdings Corporation and online payments company Paysafe Ltd.
Why It Matters: A post on the WSB forum, which had 88% upvotes as of press time, noted that Clover Health is ripe for a major squeeze beginning next week.
ContextLogic’s shares fell for the fifth straight day on Monday after the company received downgrades from Cowen, JPMorgan and Bank of America analysts on the heels of worse-than-expected second-quarter financial results announced last week.
Tesla’s shares tumbled on Monday after it was reported that the National Highway Traffic Safety Administration(NHSTA) has opened a formal investigation into the electric vehicle maker’s Autopilot system.
Paysafe’s shares fell more than 15% in Monday’s trading after the company reiterated its third-quarter sales guidance below analysts’ estimates and announced the acquisition of online payment company SafetyPay for $441 million.
Price Action: SPDR S&P 500 ETF Trust shares closed 0.2% higher in Monday’s regular trading session at $446.97, but edged down less than 0.1% in the after-hours session to $446.74.
Clover Health shares closed almost 3.3% higher in the regular trading session at $8.49, but declined 1.3% in the after-hours session to $8.38.
ContextLogic shares closed 9% lower in the regular trading session at $6.87.